Loop Capital raised its price target on TD SYNNEX (NYSE:SNX) to $160 from $150 while reiterating a Buy rating, citing the company’s robust performance in IT distribution and hyperscale solutions, as well as continued momentum across key segments.

The firm highlighted TD Synnex’s better-than-expected May quarter results, which featured 7% year-over-year revenue growth and a 10% increase in EPS. Endpoint Solutions gross billings rose 13% YoY, benefiting from an ongoing PC refresh cycle that SNX believes is only halfway through, with additional demand expected as organizations adopt Windows 11.

Advanced Solutions, excluding Hyve, grew 10% YoY, supported by strong activity in data center infrastructure, cloud, security, and AI technologies. Meanwhile, Hyve posted high-teen gross billings growth, including a 45% surge in its ODM/CM business driven by its largest customer and recovering orders from a key second customer.

While Hyve’s gross margin dipped sequentially due to FX impacts and product mix, management signaled stabilizing margins and future improvement thanks to strategic investments and a broader customer base. Loop Capital’s increased target reflects confidence in SNX’s ability to sustain growth and capitalize on secular trends in IT modernization and cloud infrastructure.